European Stocks Are Under Pressure Due to the War

Last month, the Russian Federation attacked Ukraine. Unsurprisingly, the war continues to affect stocks. As a result, European stocks were little changed on Monday as pressure from the war continues to weigh on global sentiment.

The pan-European Stoxx fell 0.1% by mid-afternoon, with basic resources jumping 3.2% while travel and leisure stocks declined 2.9% after a Boeing 737 passenger jet crashed in China. 

Global markets continued to be roiled by the situation in Ukraine as the war continues. The country’s leader Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a global third war.

Officials from Ukraine and Russia have met intermittently for peace talks, but so far without success. 

On Monday, Ukraine rejected an ultimatum to surrender its besieged port city of Mariupol to Russian forces. 

Undoubtedly, the war in Ukraine is a very serious challenge for everyone. However, the pandemic is not over yet. So, investors are evaluating a rise in Covid-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus. 

Stocks in Asia-Pacific

Stocks in Asia-Pacific were mixed on the first day of the week as investors reacted to the release of China’s latest benchmark lending rate, while oil prices jumped 4%.

In Hong Kong, the Hang Seng index dropped 0.1% to end its trading day at 21,221.34. Last week, the city’s benchmark index gained 4%.

On Monday, Hong Kong-listed shares of Russia’s Rusal fell 5.4%. The company said it was evaluating the impact of a ban announced by the Australian government. Russian companies can no longer import alumina and aluminum ores from Australia. 

Mainland Chinese stocks rose on the first day of the week. The Shanghai composite rose slightly to close at 3,253.69. The Shenzhen component gained 0.414% to 12,379.64. 

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